Bond Field Guide Revenu fixe. Perspective claire.
Note Public

U.S. Treasury 4.12% Note due Jul 31, 2031

CUSIP 91282CLD1 · 7-Year · coupon paid semiannually

AAA·Govt
Yield to maturity i
4.91%
annualized · YTW equals YTM (non-callable)
Current yield i
4.27%
Coupon i
4.12%
Modified duration i
4.2 yr
Convexity i
21.30
Indicative price i
96.691
indicative model price, not a tradable quote
real auctioned at 99.777 · 4.16% high yield (Jul 25, 2024) · at issuance, not a current price
Settles i
Oct 15, 2026
priced to this date (T+1 basis)
Total to settle i
97.543
per 100 par (clean 96.691 + accrued 0.852) · ≈ $9,754.33 per $10,000 face
Next coupon i
Jan 31, 2027
2.062 per 100 · $206.25 per $10,000 face

Cash-flow timeline

issue → maturity · each tick is a coupon · ◆ today
todayissued Jul 2024par 100 · Jul 203110 coupons remaining + principal

Terms fetched

Type Note Coupon-paying, 2 to 10 years. Interest every six months.
Term i7-Year
Coupon i4.12% (semiannual)
Maturity iJul 31, 2031
Issue dateJul 31, 2024
Par value i100.00
CallableNo
Amount outstanding inot available
Credit AAA·Govt

Computed metrics computed

Clean price i
96.691
Dirty price i
97.543
Accrued interest i
0.852
per 100 par
Yield to maturity i
4.91%
Yield to worst i
4.91%
Current yield i
4.27%
Modified duration i
4.2 yr
Macaulay duration i
4.4 yr
Convexity i
21.30
DV01 i
0.0414
per 100 par

indicative, matrix-priced off today's par curve.

Remaining cash flows

10 payments, discounted off today's curve
DateCash flowDiscount factorPresent value
Jan 31, 20272.062 0.987442.037
Jul 31, 20272.062 0.965881.992
Jan 31, 20282.062 0.943051.945
Jul 31, 20282.062 0.919701.897
Jan 31, 20292.062 0.896651.849
Jul 31, 20292.062 0.874831.804
Jan 31, 20302.062 0.853271.760
Jul 31, 20302.062 0.832701.717
Jan 31, 20312.062 0.812161.675
Jul 31, 2031102.062 0.7923280.867
Sum of present values 97.543

Present values sum to the dirty price; subtract 0.852 accrued to get the clean price.

Rate sensitivity i

approximate, from duration & convexity
Parallel rate moveApprox. price changeApprox. indicative price
-200 bp (-2.0%) +8.92% 105.320
-100 bp (-1.0%) +4.36% 100.903
+100 bp (+1.0%) -4.14% 92.686
+200 bp (+2.0%) -8.07% 88.887

Illustrative only: a parallel shift of the whole curve, estimated from modified duration (4.2 yr) and convexity. Real moves are rarely parallel; this is not a forecast.

What to know

Key risks

  • Interest-rate risk. If market yields rise, the price falls, and more so the longer the maturity. See the rate-sensitivity table above.
  • Inflation risk. Fixed coupons lose purchasing power if inflation rises. TIPS are designed to offset this; nominal bills, notes and bonds are not.
  • Reinvestment risk. Coupons, and principal at maturity, may have to be reinvested later at lower rates than today's.
  • Liquidity / price risk. Selling before maturity means taking the market price at that time, which can be above or below the indicative value shown here.

Tax

Interest on U.S. Treasuries is subject to federal income tax but is generally exempt from state and local income tax.

How Treasuries are bought

New issues are sold at auction (including directly via TreasuryDirect.gov); outstanding securities trade on the secondary market through a broker. This site is for research only and does not sell or recommend securities.

General information only, not tax, legal or investment advice.

Benchmark yield, past year

All tenors →
3.194.305.41Jan 2026Oct 2026

Par yield of the nearest benchmark tenor, the main input to this bond's price.